Avolon reports first quarter 2017 business update

Avolon, the international aircraft leasing company, has issued an update for the first quarter of 2017.
Avolon has completed the acquisition of the CIT Group aircraft leasing business (CIT Aviation) on April 4, 2017, creating the world’s third largest aircraft leasing company. This update provides details of the activity of both Avolon and CIT Aviation during the first quarter and the pro-forma combined fleet details for the end of the quarter.
Avolon has raised US$8.5bn in public capital markets to finance the acquisition of CIT Aviation and has increased debt facilities by US$420m during the quarter providing additional financial flexibility. The pro-forma combined businesses have delivered a total of 17 aircraft in the first quarter and sold 20 aircraft (including three managed aircraft). Avolon and CIT Aviation have also completed a total of 21 lease transactions in the quarter comprising new aircraft leases, secondary leases and lease extensions. The two companies have owned & managed a fleet of 565 aircraft at the end of the first quarter 2017, more than double Avolon’s first quarter 2016 fleet. They owned, managed & committed a fleet of 850 aircraft at the end of the first quarter, again more than double Avolon’s first quarter 2016 fleet. The average owned fleet age was 4.9 years and the average remaining lease terms was 6.7 years at the end of the first quarter, with a total customer base consisting of 150 airlines in 63 countries.